If TAX was eliminated for the rich would Accounting firms like Author Anderson & Tax Lawyer go out of Business?
Monday, January 18th, 2010 at
10:33 pm
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Actually, it’s the accountants and lawyers who would NEVER allow an end to income tax, for anyone. What would they do for a living? Don’t forget that our congress is made up mostly of attorneys. Like all species of shark, they stick together.
Arthur Anderson went out of business about 5 years ago.
"Tax Lawyer" is not an accounting firm. It’s a LAW firm. Law firms cannot be run by accountants.
Big accounting firms do NOT have rich people as their principal clients. Rich people generally do not use big firms because their tax and other accounting is not subject to public review.
Large publicly-traded corporations use big accounting firms partly for tax planning, but also (and mainly) because, quite apart from taxes, they are required to do substantial reporting of the state of their finances under the securities laws.
Most tax lawyers (like me) do not have rich individual clients. Most have large businesses as clients. If the rich were exempt from the tax code, it wouldn’t change my job one bit.